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Marijuana stocks are among our top charts to watch today on potentially positive news for the industry.
Aurora Cannabis Inc. (ACB) gained 20 cents on Tuesday to $5.93 on 15.8 million shares. Shares rose with release of the final 2018 Farm Bill legalizing industrial hemp, as well as reports that Gov. Andrew Cuomo may introduce a plan to legalize recreational marijuana in New York. On the hourly chart, ACB looks poised to break out above the neckline of a head-and-shoulders bottoming pattern. First target is the recent highs and lateral resistance at $6.75, followed by $7.75.
Here are four stocks with strong technicals lifted by earnings and other news.
CareDx, Inc (CDNA) jumped $1.56 to $26.11 on over $1 million shares traded Wednesday, more than 1 1/2 times its average volume. The transplant diagnostics company is scheduled to report third quarter results on November 8. The move popped the stock out of a month-long coiling pattern. A move through the October 1 high near $19.50 could accelerate the stock towards the channel top in the high-$30’s.
FireEye, Inc. (FEYE) leapt $1.64 to $18.49 Wednesday on huge volume of 18 million shares, 3 1/2 times its average volume. The cybersecurity company released better-than-expected third quarter results after the close Tuesday. The stock appears to be emerging out of a multi-year basing pattern. Resistance is at the April high of $19.36. A move through that could get the stock towards the channel top at around $22.
Tandem Diabetes Care, Inc. (TNDM) rose $2.92 to $37.61 Wednesday on 2.2 million shares. The developer of insulin delivery systems is scheduled to report after the close today. Wednesday’s move broke the stock above the declining tops line from its pullback off the September high. The stock faces next lateral resistance just above here at $37.70, and then minor resistance at $40.50, a move through which could accelerate it higher.
Xilinx, Inc. (XLNX) gained $3.32 to $85.37 Wednesday on 5.7 million shares, more than twice its average volume. The maker of programmable chips reported better-than-expected earnings last Wednesday, and also has reportedly won orders from Microsoft Corp.’s Azure cloud unit. The move broke the stock out above recent highs from early October, positioning it for a move next towards the rising channel top near $92. (more…)
+ 3D Systems Corporation (DDD) tacked on 14 cents to $14.50 on 2.7 million shares Tuesday. The move came on no news from the company, though last week it announced two new 3D printing products. The stock, which rallied sharply off its May 3 low at $9, flagged later in the month, broke out two weeks ago, flagged again, and now appears to be ready to break out again. Watch for a move next to $15.75, followed by $17.50.
+ Kopin Corporation (KOPN) edged up 8 cents to $3.64 on 551,400 shares Tuesday. The move came on no news from the wearable technologies company, though two weeks ago it unveiled the first controlled wearable smart screen. The stock, which has traded in a range from $3-$4 this year, is moving up towards lateral resistance at around $3.85-.95 zone. A break through that could get it to the $4.50-.60 zone.
+ Ocular Therapeutix, Inc. (OCUL) gained 36 cents to $7.71 on 737,400 shares Tuesday. The biopharmaceutical company, focused on therapies for eye disease, announced it will present at the JMP Securities Life Sciences Conference June 20 in New York. The move broke the stock out of a 3-month sideways pattern. In a steep rising channel off its November low of $3.30, the stock could get to $9-$9.25, last reached in July.
+ Tandem Diabetes Care, Inc. (TNDM) rose $1.37 to $17.70 on 2.1 million shares Tuesday. The move came on no news from the provider of medical devices for people with insulin-dependent diabetes. Since February the stock has run almost 9-fold from just above $2, and, though oversold, momentum could carry it to the low-to-mid $20’s.
Polaritite, Inc. (COOL) jumped $3.90 to $30.95 on 1 million shares Wednesday. The biotech and regenerative biomaterials company announced on June 4 a public offering of common stock. The stock has nearly doubled from a mid-April low below $16, and recently broke out of a 2-week consolidation pattern, suggesting it is ready to continue the run. Wednesday’s close was the highest since late August, and a break through that level ($31.68), its highest close ever, could take the stock to the mid-to-high $30’s next. (more…)
Preface from Tim: one “bullish breakout” I really like is SlopeCharts usage (shown below), which has been steadily climbing since we launched the new site last weekend. Please note clicking on any of the hyperlinks in this post will bring up its chart, and also remember that preceding a ticker symbol with a “$” in the comments section (example: $FB) will provide a hyperlink in the same manner.
Here are five momentum stocks making a move primarily on earnings.
Arrowhead Pharmaceuticals, Inc. (ARWR) jumped $1.25 to $9.00 on 5.6 million shares Wednesday, almost four times its average volume. The drug developer reported fiscal second quarter earnings on Tuesday that matched Wall Street expectations. The move broke the stock out of a two-month coiling consolidation. At its intraday high of $9.60, the stock got up to resistance at the rising trendline before backing off. A breakthrough there could lead to $13.
Biotech stocks we follow were big movers Tuesday, and here are four to watch for continued upside.
REGENXBIO Inc. (RGNX) exploded up 18%, or $5.95, to close at $37.40 on very heavy volume of 1.2 million shares traded Tuesday. That is more than three times its average volume. The move was a follow-through from Monday’s surge that came on news that business partner, AveXis (AVXS), also in the gene therapy space, is being acquired by Novartis. Next target is $40-41.
Tandem Diabetes Care, Inc. (TNDM) tore up 22%, or $1.29, closing at $7.01 on huge volume of 6.6 million shares traded. That is more than four times its average volume. The move came as the medical device company announced preliminary financial results indicating insulin pump shipments increased by 56 percent and sales by 42 percent in the first quarter of 2018 compared the first quarter of 2017. Having moved up with high velocity, the stock has appreciated a whopping 89% in value in the last three weeks. On March 23, Robert W. Baird upgraded the stock from neutral to outperform with a price target lifted from $3 to $7. Price is at the top of its channel, so expect a potential short-term pullback. Next target: $8.50. (more…)
By Harry Boxer – – Retailers lead our list of top charts to watch, while two technology stocks lead on the short side.
Lululemon Athletica Inc. (LULU) sprinted up 9%, or $7.25, to close at $85.96 on extremely heavy volume of 10.7 million shares traded Wednesday. That’s more than five times its average volume. The jump up came with the athletic apparel company’s better-than-expected earnings announcement and 2018 outlook. The move broke the stock out of a bull wedge consolidation, reaching a new all-time high of $87.98 intraday. Next target: $94.
Macy’s, Inc. (M) moved up 4%, or $1.21, closing at $29.07 on 11 million shares traded. The move came with news that President Trump is considering legal action against competitor Amazon that favors traditional department stores. The stock reached a bottom right before its November 9 earnings announcement and has been on its way back up ever since. Price is currently sitting in a bull flag consolidation pattern, showing significant potential for another leg up. Next target: $34.50. (more…)